Nikki wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.
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“Dear Steve,
I had A+ credit until I found out my identity had been stolen. Collection agencies are just out for blood from anyone. Now I am facing arbitration!
I am facing arbitration with a credit card company’s attorney. Can I protect my assets with a lien or trust to buy some time and leverage and is this process expensive?
Nikki”
The Answer:
Dear Nikki,
Here is what you need to understand about arbitration, you will lose. If you are a victim of identity theft and that is what has resulted in the current mess, get legal help. Contact a local attorney.
There must be more to this story though, simply because you are identity theft does not mean that you wind up in arbitration and collections.
As a victim of identity theft, hopefully you filed a police report when this happened so you’ll have some proof.
